During a meeting of the Jogorku Kenesh, Deputy Nurlanbek Azygaliev asked representatives of the State Mortgage Company about the cost price of the housing they sell.
Deputy Chairman of the State Mortgage Company Nurlan Kudaykulov reported that the cost of one square meter in Bishkek is 59,140 soms, while in the regions it is 64,800 soms.
Azygaliev also clarified the prices at which apartments are sold to end buyers.
Kudaykulov responded that the price of housing ranges from 900 to 1,400 dollars per square meter.
He explained that when calculating with contractors, the entire area of the property is paid for, while only the living area is sold to the public. The profit from these operations is used to finance subsequent projects.
First Deputy Chairman of the Cabinet of Ministers Daniyar Amangeldiev added that it is important to distinguish between the cost price and the selling price of housing.
"The calculations take into account the costs of servicing borrowed funds and other factors that affect profit. Initially, the cost of a square meter was 600-700 dollars, but it has changed due to inflation. Through commercial projects, we can subsidize social and preferential programs, where the repayment terms are longer and the interest rates are lower than market rates. With inflation around 9%, housing is provided at 4%," he noted.
